Publication Date:
01
July
2003

ISBN: 9781451856569

To monitor fiscal sustainability, this paper proposes a recursive algorithm derived from the law of motion of the debt-to-GDP ratio, subject to a government reaction function that links convergence to the targeted...

ISBN: 9787504979971

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population...

ISBN: 9781589067905

Various types of shocks cause fiscal outcomes to deviate from budgets and expectations—often by large amounts. Evidence presented in this paper has shown that macroeconomic shocks and calls on contingent lia...